The care industry in the UK is big business and it is set to get bigger still. With an ageing population, more and more people will come to rely on care homes in their later years.
The industry is also closely regulated and is often in the news. The nature of the business means dealing with people who are often frail and dependent on carers. This places a great responsibility on the care home to provide excellent service and means that good quality care home insurance is a must. Many aspects of care home insurance are much like other business policies but there are also specific aspects to be considered.
What to expect in a care home insurance policy
A good care home insurance policy will include cover for general business areas. This could include both buildings and contents insurance. If the fabric of the building is damaged due to an insured event (such a fire, flood etc.) then the policy will pay out to make good the damage. This aspect of the policy will often include business continuity insurance, paying for residents to be accommodated elsewhere with as little disruption to the business as possible. The contents insurance will cover equipment for loss, theft or damage.
An important part of the policy will be the liability cover. This will protect the care home from claims associated with the well-being of the residents and the various care regimes in place. A further area to be considered is that of employer’s liability insurance. Care home employees often carry out physically demanding tasks and accidents are always possible. It is vital then to have cover in the event of a mishap. Care home insurance packages often have options for other areas associated with the business, such as minibus and motors cover and also directors and officers insurance cover.
Choosing the best care home insurance
The care home industry is complex and it is important to talk to a care home insurance broker with specific expertise in the sector. They are likely to want to discuss the buildings and contents sums to be insured and also the number of residents, location of the home and fee income generated. With their specialist knowledge, they can explain the different types of policies on offer and suggest the most appropriate cover for your business. With all its complexities and specific demands, care home insurance should always be discussed with the professionals.